Overview and Scope
Fast food and quick service restaurant are fast-food outlets where people pay for food at the counter before consumption. Fast-food restaurants are part of a restaurant chain that provides standardized ingredients or partially prepared foods and supplies to each restaurant through controlled supply channels.
Sizing and Forecast
The fast food and quick service restaurant market size has grown strongly in recent years. It will grow from $295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to changing lifestyles and urbanization, rising disposable income, globalization and cultural exchange, innovations in menu offerings, strategic alliances and partnerships.
The fast food and quick service restaurant market size is expected to see strong growth in the next few years. It will grow to $412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to sustainability and ethical practices, health-conscious consumer preferences, economic factors, customization and personalization, global expansion strategies. Major trends in the forecast period include digital transformation, focus on health and wellness, sustainability initiatives, technology integration in operations, rise of ghost kitchens.
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Segmentation & Regional Insights
The fast food and quick service restaurant market covered in this report is segmented –
1) By Type: Chain, Independent
2) By Product Type: Burger And Sandwiches, Pizzas And Pastas, Drinks And Desserts, Chicken And Seafood, Other Product Types
3) By Service: Eat-In, Takeaway, Drive-Through, Home Delivery
4) By Cuisine: American, Chinese, Italian, Mexican, Japanese, Turkish And Lebanese, Other Cuisines
North America was the largest region in the fast food and quick service restaurant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the fast food and quick service restaurant market report during the forecast period. The regions covered in the fast food and quick service restaurant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing popularity of restaurants is expected to propel the growth of the fast-food and quick-service restaurant market going forward. A restaurant is a business that prepares and serves food and drinks to customers. The restaurants are typically found inaccessible locations where the food can be ordered and consumed promptly in a shorter time which is convenient for customers. Hence, the increasing popularity of restaurants will increase the demand for fast food and quick service restaurant. For instance, in 2022, according to the International Conference on Financial Innovation and Economic Development and American Catering Association statistics, Out of 5536 transactions, 90% of consumers like to go to restaurants, 44% of consumers ordered takeout through restaurant apps or websites in the past year, and 22% prefer restaurants with Internet services. Therefore, the rising demand for fast food items is driving the fast food and quick service restaurant market.
Key Industry Players
Major companies operating in the fast-food and quick-service restaurant market are focusing on technologically advanced solutions, such as hardware-as-a-service offering, to drive revenues in their market. Hardware-as-a-Service (HaaS) is a subscription-based model providing access to and maintenance of physical computing devices, allowing users to use hardware resources without the need for upfront capital investment. For instance, in July 2022, PAR Tech Inc., a US-based company that provides technology solutions for the hospitality industry, launched PAR Infinity. It is a hardware-as-a-service program intended to deliver technological solutions to the hotel sector. With the help of industry-leading support services and purpose-built technology from PAR, this subscription-based solution relieves restaurant, retail, convenience, and entertainment companies of the hassle of managing their hardware. It offers services including a help desk open around-the-clock, comprehensive managed care capabilities, field service, and equipment exchange throughout the duration of the customer’s ownership. With PAR Infinity, companies can concentrate on giving consumers an exceptional guest experience each and every time, with fewer technical disruptions throughout operations..
The fast food and quick service restaurant market report table of contents includes:
1. Executive Summary
2. Fast Food and Quick Service Restaurant Market Characteristics
3. Fast Food and Quick Service Restaurant Market Trends And Strategies
4. Fast Food and Quick Service Restaurant Market – Macro Economic Scenario
5. Global Fast Food and Quick Service Restaurant Market Size and Growth
…
31. Global Fast Food and Quick Service Restaurant Market Competitive Benchmarking
32. Global Fast Food and Quick Service Restaurant Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fast Food and Quick Service Restaurant Market
34. Fast Food and Quick Service Restaurant Market Future Outlook and Potential Analysis
35. Appendix
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